Commenting on the decline, State Street Associates head of investor behaviour research Rajeev Bhargava pointed to a number of factors that had “undoubtedly tempered enthusiasm” in global investors, such as “growing inflationary pressures, higher interest rates and geopolitical concerns.

“After a strong consensus in risk-seeking appetite last month, global investors now have a more subdued willingness to allocate to risk,” Mr Bhargava said.